The Central Bureau of Investigation (CBI) filed a case against a Surat-based private company on Monday for causing a Rs 200 crore loss to the State Bank of India (SBI).
According to a CBI official, a FIR was filed after a complaint was received from the State Bank of India branch in Ahmedabad against a Surat-based private company and others, including its directors, unknown public servants, and unknown others. According to an official, the complaint alleges that the accused caused SBI a loss of Rs 214.11 crore (approx) in the matter of sanctioning Term Loans to said private company for the purchase of new commercial vehicles.
It was also claimed that the accused defrauded the bank by failing to hypothecate the vehicles in favour of the State Bank of India. It was also claimed that the loan proceeds were not used for the intended purpose of the term loans.
Searches were conducted at the accused’s homes in Surat and Mumbai, which resulted in the recovery of incriminating documents, according to the official.